Oponeo.pl S.A. (OPN.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+59.0%

PLN 157.55

vs PLN 99.10 price

Levered DCF

PLN 4.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.05

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.83×	12.64×	12.56×	12.29×	14.72×	17.91×	15.52×	17.08×
P/B	4.12×	3.93×	2.77×	1.39×	2.55×	2.54×	1.82×	1.81×
P/S	0.44×	0.51×	0.37×	0.3×	0.59×	0.54×	0.33×	0.34×
EV / EBITDA	10.43×	7.71×	7.5×	5.93×	7.32×	11.38×	5.7×	7.2×
Gross margin	22.2%	22.8%	19.8%	19.7%	20.4%	20.4%	19.1%	18.8%
Operating margin	4.2%	5.9%	3.4%	3.7%	5.2%	3.5%	3.0%	2.9%
Net margin	2.2%	4.0%	2.9%	2.4%	4.0%	3.0%	2.1%	2.0%
Current ratio	1.1×	1.34×	1.38×	1.91×	1.93×	1.46×	1.39×	1.43×
Debt / equity	1.68×	0.6×	0.62×	0.22×	0.03×	0.08×	0.09×	0×
Interest coverage	5.24×	9.74×	7.91×	11.42×	57.97×	57.78×	31.99×	76.65×
Dividend yield	7.4%	5.2%	4.0%	3.9%	1.6%	0.2%	1.8%	1.7%
Payout ratio	146.7%	66.3%	50.6%	47.9%	23.2%	4.3%	27.5%	29.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.8%	31.1%	22.0%	11.3%	17.3%	14.2%	11.8%	10.6%
Return on invested capital	10.0%	20.4%	11.3%	10.8%	16.3%	13.7%	10.0%	9.7%
Return on assets	4.5%	10.5%	8.0%	5.9%	9.7%	8.4%	5.8%	5.6%
Free cash flow yield	-11.7%	6.6%	8.2%	-10.1%	7.1%	2.8%	4.7%	1.1%
Earnings yield	5.0%	7.9%	8.0%	8.1%	6.8%	5.6%	6.5%	5.9%
Enterprise value	PLN 1.4B	PLN 1.2B	PLN 752.4M	PLN 454.6M	PLN 685.1M	PLN 536.5M	PLN 250.2M	PLN 214.9M
Net debt / EBITDA	2.82×	0.68×	0.68×	-0.6×	-2.15×	-0.8×	-1.44×	-2.37×
Cash conversion cycle (days)	70	35	36	40	17	20	31	-3